Ann Arbor has been named the seventh-best town in Michigan for young families to raise their children, according to a new survey released Thursday by NerdWallet.

The scene in downtown Ann Arbor on East Liberty Street during Foolmoon in April. Courtney Sacco I The Ann Arbor News

NerdWallet, a consumer advocacy organization, evaluated several factors in determining its ranking: academic performance in the public school system, cost of living, median household income and the town's economic growth.

Six of the top 10 towns on the list are in southeast Michigan.

Here's NerdWallet's ranking:

Troy

Portage

Rochester Hills

Royal Oak

Novi

Midland

Ann Arbor

East Lansing

Livonia

Mount Pleasant

Troy, which received the highest rating for its school system, has a median home value of $237,000 and monthly owner costs of about $2,000. Median household income is about $85,900, and the town's economy grew by 10 percent in the past decade.

Ann Arbor was selected particularly because of the presence of the University of Michigan as a major employer and economic driving force, as well as the research and development atmosphere that has taken hold in the town.

It received the second-highest rating for its school system. The median home value is about $234,000 and monthly homeowner costs are about $1,906. The median household income is $53,377 and the town's economy grew by 15 percent in the past 10 years, according to NerdWallet.